How to File Bankruptcy in Minnesota

This is probably the easiest part of the entire process, so get this out of the way, and you are off to a great start. You need to have all of your documentation in place before anything else can happen. Our advice would be to store it all in one folder, where you can access it quickly and easily. You will need the following pieces of documentation

1. Six months of payslips or alternative proof of income

   If you are currently unemployed but have other forms of income, then make sure that you have this information to complete your documents. Without this documentation, the process cannot move forward. The responsibility for providing the information lies with you.

2. A List Of Your Creditors

   You will need a comprehensive list of your creditors. That includes the amount you owe each company and their registered business address. Although this might sound like a challenging task, it is actually straightforward. Pull a copy of your credit report, and this should provide all the information needed.

3. Asset Information

   Gather together all documentation that provides information on your assets. You may well have more than you think. Documents could include bank account details, whole life insurance policies, IRA's, 401k's, retirement policies, any Kelley blue book valuations on any vehicles that you own. Also, you will need valuations or appraisals of any real estate you own.

4. Last two years of Filed Tax Returns

   You will need the last two years of your filed tax returns to qualify for Chapter 7 bankruptcy. Then, the previous four years for Chapter 13 Bankruptcy Minnesota.

5. Recent Bank Account Statements

   These will provide further evidence of your financial situation

This is the most challenging and time-consuming part of the process, as the bankruptcy paperwork consists of over 23 separate forms. The forms cover every aspect of your financial life, and filing them out can quickly become repetitive and stressful. In an ideal world, you would hire a lawyer to complete this aspect of the process, but if you are not able to do this, then it might be an excellent investment to buy a bankruptcy software program.

Once the clerk has all the paperwork, he or she will then process the case. Generally, it takes no longer than 15 minutes and involves them scanning and uploading your forms to the court’s online filing system.

After this process has been completed, the clerk will give you three vital pieces of information.

• Your Bankruptcy Case Number
• The Details of Your Bankruptcy Trustee
• The Full Details of Your Meeting With Your Trustee, otherwise known as your 341 meeting. You will receive the date, time, and location of the meeting.

Your bankruptcy trustee is appointed by the court to oversee your case. Shortly, you will receive notice or mail from your trustee requesting specific documentation. Therefore, you need to pay close attention to what is being requested as a failure to provide that information will halt the entire process. Basically, you will need to send your trustee your last two years of filed federal and state tax returns.

For Minnesota Chapter 13 bankruptcy, this requirement increases to the previous four years of state and federal returns. Even if you have not filed a tax return for a few years, it is essential to provide the trustee, as well as the last federal and tax return that you did file. You need to forward the full copy with all of the schedules and forms that you completed as part of the tax returns process. This is another benefit of having an attorney as they will generally complete this part of the process for you, but if you do not have an attorney, then this is your responsibility.

Don’t worry, you are nearly at the end of the process. The penultimate stage of bankruptcy requires you to complete a second class after you file a petition and your documents. Upon successful completion of this course, you will need to file a B23 form with the court. This form is your evidence that you have completed an approved debtor education class. However, failure to submit your B23 form and financial management certificate will mean that your case will not be discharged. The quicker you file the form, the better.

Generally, a bankruptcy case will close four months after it was initially filed. Our advice would be not to file for bankruptcy Minnesota on your own. It is quite a complicated process, but we understand that you may not be in a financial position to hire an attorney.

Once the bankruptcy petition has been filed, you will have to attend the meeting of creditors, otherwise known as a 341 meeting. Given that you are obligated to attend this meeting, and you will need to bring proof of social security and another form of identification. Your trustee will question you about your documents, and the schedules which you filed at court. You should ensure you are prepared for this, as the questions will all be about your assets, creditors, and income, so it would be very beneficial to know all of the answers. The good news is that most questions will only require a yes or no answer, and the interview will usually last no longer than about five minutes.

Specifically, the questions will be about the procedure to ensure that you are aware of the documentation you have signed. Upon completion of the meeting, the trustee will close the case. In this case, unless something unusual happens, you will receive a letter about two months later from the court, stating that your debts have been discharged.

After you have received this letter, you are now free to move forward with your life. Your credit rating will be severely damaged, and it will take some time to repair it, but, the main purpose of bankruptcy is to give you a new start, rather than punish you forever. Learn from your mistakes, and take precautions to ensure wherever possible that you never find yourself in a similar position, again, and then begin to live your life free of the misery of debt one more time.

Finally, the key to ensuring a smooth and hassle-free process of filing a bankruptcy petition is in planning and preparation. Make sure you have every piece of paper and documentation relating to your debts and your assets. Although hiring an attorney might seem like an expensive luxury, their knowledge and experience can often prove invaluable during the process, so it might be worth speaking to friends and family to see if there is any way you can afford to hire one. Most importantly, do not let the past define your future, you can and will come out of this process, and there is no reason why you and your family cannot enjoy a fantastic future moving forward.